Business

First Carolina Bank plans Raleigh office

First Carolina Bank, a community bank based in Rocky Mount, expects to open a new loan production office in Raleigh later this year after raising $3.4 million from investors.

Ronald A. Day, president and CEO of the bank and its corporate parent, First Carolina Financial Services, said Monday the bank has signed a letter of intent for a site "inside the beltline" but hasn't yet signed a lease. Day hopes the bank will be able to open the loan production office "in the May-June time frame."

"We're going to be there," Day said. "I promise you that."

First Carolina was formed in July 2012 by a group of investors that acquired First Carolina State Bank and changed its name. The bank currently has three North Carolina branches — in Rocky Mount, Greenville and Reidsville.

First Carolina's senior management team is largely composed of former executives of RBC Bank and its predecessor, RBC Centura, with ties to both Rocky Mount and Raleigh, said Day. Day himself is a former chief operating officer of RBC.

Day said of the bank's expansion to Raleigh: "We think there is a lot of demand for the type of service we provide."

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